How the drought will affect your pocketbook

Baby, it’s HOT outside… and it’s going to end up costing you according to a Kiplingerstory. Keep reading to find out what you’ll end up paying more for and how you can brace yourself for the hit. The drought affecting the nation is not all bad news. There are upsides, too!

But first, the bad news…

Higher electricity bill – If you’ve been taking shelter from the heat at home with your AC on, you might want to take a deep breath before opening your latest electricity bill. We’ve been using our AC on power saver and turning it off as soon as the sun goes down. Still, we expect our bill to be the most expensive so far. Here are some tips to reduce your electricity bill.

Milk price increase – You’re not the only one feeling the heat. Dairy cows become stressed during droughts and this leads to lower milk production. That means you’ll end up paying more at the grocery store. So far there hasn’t been an increase on milk at my local TJs, but it’s coming. Look for milk and other dairy product prices to be higher next year. Maybe it’s a good time to try other types of milk?

Gas price hike – Ethanol makes up 10% of the gas that most consumers buy at the pump, and corn is a key feedstock for making ethanol. As corn prices rise so will the price of ethanol.

The bright side (for now)…

Cheaper steaks – Gather around, meat-lovers! Here’s some good news for you. Steak prices are dropping as ranchers race to get their meat to the grocery store. Stock up now and freeze it! (Check out this handy freezer storage guide form All You mag.)The price of meat will increase next year. The lack of grazing pasture and the increase of corn and soybean meal are the culprits.

Sweeter fruit – The usually dry season is producing tasty fruit as some trees prefer less water. The downside: the fruit is a bit smaller. Keep an eye on prices and always buy in season to score the best deals.

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